Maldives Revises Student Loans to Align with Islamic Principles
Photo: The President’s Office
The Ministry of Higher Education has announced immediate revisions to government-issued loans for higher education in the Maldives and abroad, ensuring compliance with Islamic principles as instructed by President Mohamed Muizzu.
The President directed authorities on Thursday to align all education and training loans with Islamic guidelines. In response, the ministry stated that necessary steps and preparations are underway to implement these changes. Adjustments will be made to both existing loans and future disbursements.
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The ministry detailed the following modifications:
- Loan repayments will only include the principal amount, with no additional charges.
- Administrative fees will no longer be applied to repaid student loans.
- The 1% administrative fee previously deducted from issued student loans will be discontinued, and repayment amounts will be revised accordingly.
In its statement, the ministry welcomed the Muizzu’s directive, describing it as a reflection of the government’s commitment to ensuring financial transactions adhere to Islamic Shariah.
